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Future performance objectives

Taking into account management’s assessment of the risks and opportunities identified under “Risks and opportunities”, and its responsibilities and involvement relating to Assmang and other group entities, the specific key performance indicators (KPIs) for the short and medium term include:

Assmang

maintaining steady-state production performance from Khumani Iron Ore Mine, by optimising the off-grade washing plant and modification of the Wet High Intensity Magnetic Separation (WHIMS) plant, to ensure realisation of planned life of mine;

the substitution of ore from other pits at Beeshoek Iron Ore Mine with the ore from the Village Pit, which is now in operation;

the execution of the sustainability and expansion project at Black Rock Manganese Mines to increase and sustain production from the various shafts at higher volumes, achieving sustainable production of 4 million tonnes per annum of manganese ore in the long term;

continuing to develop the group’s market for the material produced from the upper seam at Nchwaning Manganese Mine;

following the successful commissioning of both furnaces at Sakura Ferroalloys in Malaysia, to successfully ramp up these furnaces to full production, to be followed by converting Furnace 2 from the production of high-carbon ferromanganese to silico manganese in the first calendar quarter of 2017; and

the continued optimisation of alloy production at the group’s ferromanganese facilities in order to mitigate increases in the prices of electricity, which are expected to exceed inflation rates.

Assore subsidiaries

enhancing the group’s position in South Africa’s chrome ore market and to ensure a smooth transition of all of Dwarsrivier’s operations into the group (refer “Operational review and commentary”);

continuing with the development of North Shaft at Dwarsrivier and proceed with beneficiation plant upgrades to process the run-of-mine (ROM) material from both shafts; and

continuing to explore early-stage opportunities in iron ore (in Gabon) and other commodities, focused in Africa, through IronRidge.